Indo-Celtic Ltd Filleted accounts for Companies House (small and micro)

INDO-CELTIC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07968368

INDO-CELTIC LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2019

INDO-CELTIC LTD

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

INDO-CELTIC LTD

OFFICERS AND PROFESSIONAL ADVISERS

Director	A Singh

Registered office	168 Church Road
	Hove
	East Sussex
	England
	BN3 2DL

Accountants	UHY Hacker Young
	Chartered accountants
	168 Church Road
	Hove
	BN3 2DL

INDO-CELTIC LTD

STATEMENT OF FINANCIAL POSITION

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		1,630	2,173

Current assets

Stocks		5,865,947	2,792,425
Debtors	5	136,531	43,831
Cash at bank and in hand		242,264	527,806
		-------------	-------------
		6,244,742	3,364,062

Creditors: amounts falling due within one year	6	6,488,654		3,557,986
		-------------		-------------
Net current liabilities			243,912	193,924
			----------	----------
Total assets less current liabilities			( 242,282)	( 191,751)
			----------	----------
Net liabilities			( 242,282)	( 191,751)
			----------	----------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 242,283)	( 191,752)
	----------	----------
Shareholders deficit	( 242,282)	( 191,751)
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

INDO-CELTIC LTD

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:

A Singh
Director

Company registration number: 07968368

INDO-CELTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 March 2018 and 28 February 2019	3,651	3,651
	-------	-------
Depreciation
At 1 March 2018	1,478	1,478
Charge for the year	543	543
	-------	-------
At 28 February 2019	2,021	2,021
	-------	-------
Carrying amount
At 28 February 2019	1,630	1,630
	-------	-------
At 28 February 2018	2,173	2,173
	-------	-------

5. Debtors

	2019	2018
	£	£
Other debtors	136,531	43,831
	----------	---------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	6,294,422	3,528,393
Other creditors	194,232	29,593
	-------------	-------------
	6,488,654	3,557,986
	-------------	-------------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Singh	( 28,393)	129,970	101,577
	---------	----------	----------

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Singh	( 172,730)	144,337	( 28,393)
	----------	----------	---------

8. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.